Question: Prepare the journal entries for each event listed below EVENT 1: On December 1, 2023 Reilly Corporation obtains a $18,000 loan from the bank by

Prepare the journal entries for each event listed below

EVENT 1: On December 1, 2023 Reilly Corporation obtains a $18,000 loan from the bank by signing a note for 12% with principal and interest to be paid on December 1,2024.

EVENT 2: On December 1, 2023 Reilly Corporation pays $5,000 for an annual (12 month) premium for liability insurance for the upcoming year. Account Debit Credit No Journal Entry Required

EVENT 3: On December 1, 20, a customer pays Reilly Corporation $13,000 in advance for a 12-month subscription service to begin immediately.

EVENT 4: On December 3, 2023 Reilly Corporation sold $10,000 of goods to customers on account with terms of 2/10, net 30, using the gross method. The goods cost Reilly Corporation $8,000.

EVENT 5: On December 11, 2023 the customer pays half of the balance for the goods from the 12/3/23 sale.

EVENT 6: On December 25, 2023 Reilly Corporation declares and pays a dividend of $8,000.

PART 2: Prepare the adjusting entries on 12/31/2023 for the events in Part 1. Each event is re-produced to assist you.

EVENT 1: On December 1, 2023 Reilly Corporation obtained a $18,000 loan from the bank by signing a note for 12% with principal and interest to be paid on December 1, 2024. What is the adjusting entry on 12/31/2023?

EVENT 2: On December 1, 2023 Reilly Corporation paid $5,000 for an annual (12 month) premium for liability insurance for the upcoming year.

EVENT 3: On December 1, 2023, a customer pays Reilly Corporation $13,000 in advance for a 12-month subscription service to begin immediately. What is the adjusting entry on 12/31/2023?

EVENT 4: December 3, 2023 Reilly Corporation sold $10,000 of goods to customers on account with terms of 2/10, net 30, using the gross method. The goods cost Reilly Corporation $8,000. What is the adjusting entry on 12/31/2023? (For this question do not consider Bad Debt Assumptions. That will be the next question).

EVENT 5: The customer pays half of the balance for the goods from the 12/3/23 sale. Assume at the end of the year bad debts are estimated to be 5% of ending accounts receivable and there was no balance in the allowance account. What is the adjusting entry on 12/31/2023?

EVENT 6: On December 25, 2023 Reilly Corporation declares and pays a dividend of $8,000. What is the adjusting entry on 12/31/2023?

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